What does TIDC mean in DEVELOPMENT
Tripura Industrial Development Corporation, or TIDC, is the nodal agency of the government of Tripura responsible for proper implementation of industrial policies and providing assistance to existing and prospective entrepreneurs in their endeavor to set up new or expanding existing industries. With an aim to promote overall industrial development in the State, as well as generate employment opportunities for local people, TIDC has been credited with envisaging investment proposals which have resulted into a higher GDP growth rate, improved industrial infrastructure and enhanced living standards of people.
TIDC meaning in Development in Community
TIDC mostly used in an acronym Development in Category Community that means Tripura Industrial Development Corparation
Shorthand: TIDC,
Full Form: Tripura Industrial Development Corparation
For more information of "Tripura Industrial Development Corparation", see the section below.
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Its Role
The primary role of TIDC is to facilitate the smooth transition from planning to implementation by providing key services to industries and entrepreneurs such as land identification & acquisition; financial assistance; identifying potential investors; facilitating and hastening administrative formalities; organizing promotional activities; providing technical and professional advice for projects; conducting market surveys; providing project specific support services such as consultancy services etc. It also provides a host of other special incentives such as Income Tax Holiday/ Investment subsidy/ Subsidy/ Capital Investment Subsidy/ Interest Subsidy to deserving projects.
Impact
Under its able guidance numerous investments and partnerships between government, industry and other stakeholders have taken place during the past few years. This has not only led to better infrastructure and resources being made available but also encouraged more number of people from rural areas to become part of this development process, thereby leading to generation of more revenue for the state economy. Furthermore it has helped improve the working conditions in industries and ensure a safe environment for the workers. The result is reflected in many successful ventures that have come up in recent times that are now giving back directly or indirectly to the larger eco-system through creation of jobs, increased exposure, manpower training etc.
Essential Questions and Answers on Tripura Industrial Development Corparation in "COMMUNITY»DEVELOPMENT"
What is Tripura Industrial Development Corporation (TIDC)?
The Tripura Industrial Development Corporation (TIDC) is a Government of Tripura enterprise established in 1975. It works to promote industrialization and facilitate industrial investment in the state by providing financial, promotional and infrastructural support, especially to micro, small and medium enterprises.
How can I apply for assistance from the TIDC?
All interested parties are required to fill out an application form available on the corporation's website along with other necessary documents. Applications should be submitted with all supporting documents for review and further processing by the appropriate TIDC department.
What kind of industries does TIDC invest in?
The TIDC focuses mainly on agro-based industries, handicrafts, cottage industries, food processing industries and engineering/electronic industries.
Does TIDC provide financial assistance?
Yes, the TIDC provides financial assistance for setting up projects through various means such as term loan and working capital finance. Apart from that, it also offers incentives related to sales tax or electricity duty exemption or subsidized interest rates on loans depending upon conditions applicable at the time of application.
Is there any provision for start-up entrepreneurs at TIDC?
Yes, start-up entrepreneurs may avail of loans up to Rs 5 lakh under special schemes launched by the State Government as well as sponsored by NABARD or SFURTI schemes of Government of India which are administered by the TIDC.
How long does it normally take to process a loan application at TIDC?
This depends on several factors such as type of industry proposed; location; availability of power & water; project cost; employment potential etc. Normally applicants are expected to obtain sanction letter within 90 days after submission of complete documents subject to fulfillment of certain criteria's suitable for funding.
Does TIDC provide training programmes for entrepreneurs?
Yes, in partnership with various State level Entrepreneurship Development organisations and training institutes like MSME Diploma Institutes, IIEEM (Industrial Institute For Export Oriented Manufacturing), ITIs (Industrial Training Institutes) etc., customized training modules are conducted regularly to enhance entrepreneurial skills among aspiring youth.
What kinds assistance does TIDCV venture into export promotion activities?
The corporation promotes export promotion activities including those related with Trade Shows/Exhibitions across the country where local entrepreneurs will be encouraged to showcase their products made in Tripura.
Final Words:
TIDC continues its work towards fulfilling its mission - establishing a conducive environment conducive for encouraging entrepreneurship which will eventually lead to higher economic growth rates while at the same time protecting environment, ensuring safety within work places & improving overall quality of life — making Tripura a desirable location for investments.
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